Opinion by: Margaret Rosenfeld, Chief Legal Officer of Everstake
For many years, the approval of funds exchanged by the crypto exchange (ETF) was one of the most disputed against financial regulation. The first applications for a bitcoin (Btc) ETF date more than a decade. In early 2024, after repeated refusal and a court conflict forcing the US Securities and Exchange Commission to re -consider, made Spot bitcoin etf Finally get a SEC approved in the United States.
The long road to that point emphasizes regulatory care, political examination and structural complexity surrounding digital asset markets.
Now, just a year later, the conversation changed dramatically.
The SEC is taking into account a set of proposals from Nasdaq, Nyse Arca and CBOE BZX to adopt the standards on the list of crypto and commodity-based ETFs. These policies will allow qualified funds to be listed without the need for bespoke sec approval under the SEC rule 19B-4.
If adopted by the SEC, this change will align Crypto ETFs with traditional ETFs, which gained their own common framework through Rule 6C-11 in 2019. In other words, crypto ETFs can finally move from exceptional mainstream treatment.
Why is this important
The current approval process for crypto ETFs is complex. Each new filing can take 240 days or longer, involving public comments, staff review and often prolonged uncertainty. Common listing criteria will cut off time for 60-75 days, making it easier to bring new products to the market. Speed and efficiency will benefit every aspect of the sector.
So far, only the bitcoin and ether (Eth) ETFs removed bar regulation. Common standards can open the door to ETFs tied to Solana (Sol), XRP (XRP), Dogecoin (Doge) or even more innovative structures such as staking linked products or thematic baskets. By creating a clear eligibility criteria, such as the requirement of six months of trade trade history in trade trade trade-controlled trade, these proposals ensure that only adult tokens qualify, while still expanding investor selection.
Sometimes critics fram ETFs as a form of financial crypto. The fact, however, is that ETFs offer a specific type of transparency, caution and monitoring mechanisms have long been required. Wraping digital assets in an ETF structure means better disclosure, creation standards and redemption processes, and supervision from regulated exchanges. That’s a safer, clearer way for investors to get exposure than exchanges offshore or irregular platforms.
The US fell behind the clarity of crypto regulation. EU markets in the Crypto-Assets framework, the Hong Kong licensing regime and Singapore’s capital approach provide more predictable paths for digital asset products. If the SEC has completed the common criteria on the list, it will send a strong US message to rule, no lag, with the integration of digital assets into regulated markets.
What’s next
The SEC may issue a decision in September 2025. If approved, the exchanges may list the first wave of Altcoin ETFs before the end of the year. That will remove a backlog of almost 100 applications And set the stage for change, including index funds, thematic baskets and even ETF hybrids that combine cryptors with equality or goods.
Related: SEC has pushed down reality decisions Social, Solana, XRP Crypto ETFS
The SEC has already laid out the required premise. In August 2025, it Approved mechanisms of creation and redemption on mechanisms for crypto ETFChewing them on commodity funding standards and lower costs. That decision showed a understanding that the efficiency of operation and protection of the investor could come together. Standard common listings are the logical next step.
It is important to get the right
Those who doubt will argue that the crypto is not worthy of the same treatment as traditional properties. The purpose of the regulation is that it is not, however, to decide which classes are worthy. This is to provide transparent, constant policies that protect investors and ensure market integrity.
The delay of integration only continues to risk. Without accessing, regulated products, investors are pursuing exposure to less safe areas, including exchanges with poor careful care, ashore platforms beyond US administration or unknown private placement. Conversely, ETFs bring crypto to the regulation perimeter, where they can be monitored, disclosed and administered as any other financial product.
Keep the US ahead of market change
The adoption of Rule 6C-11 in 2019 has changed the ETF industry, unlocking change and lowering barriers for the providers. The same opportunity today exists for crypto. The SEC will not endorse any particular token or project by approved of the common listing criteria. This will only provide an unpredictable framework that provides for regulated exchanges and providers to work clearly.
Crypto will not be lost. The question is whether investors can access it through transparent, regulated products in US markets or by fuzzy structures abroad. The SEC’s decision on the common listing criteria will help determine that answer.
The commission should advance if the US wants to remain global hub of changing capital markets. The time has come to bring Crypto ETFs to the age of ETF.
Opinion by: Margaret Rosenfeld, chief legal officer of everstake.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
